Yowie Group (ASX:YOW) and Keybridge Capital (ASX: KBC) said the Australian government's Takeovers Panel has issued interim orders barring Yowie from processing any acceptances under its current off-market takeover bid for Keybridge, according to a Thursday filing with the Australian bourse.
On June 18, Keybridge applied to the Takeovers Panel for interim orders to block Yowie from acquiring its shares and for final orders to withdraw Yowie's takeover bid.
The application alleges that Yowie's takeover of Keybridge was not occurring in an efficient, competitive, and informed market.
The orders will remain in effect until the earliest of further orders, resolution of the proceedings, or two months from issue, the filing said.
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